A new national consumer protection agency has begun work on behalf of American consumers. The Consumer Financial Protection Bureau (CFPB) was established in June 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new agency is charged with ensuring consumers have the information they need to choose the consumer financial products and services that are best for them. The CFPB will work to ensure financial companies offer clear information about the services and products they offer, so consumers can make informed decisions.
Effective July 21, 2011, the CFPB assumed responsibility for supervising depository institutions with more than $10 billion in assets and their affiliates for certain consumer protection purposes, including ensuring compliance with federal consumer financial law. The CFPB announced that it planned to discharge its supervisory responsibilities through a combination of on-site examinations and off site monitoring. The CFPB also created a series of interim rules related to records and information procedures. All rules and notices issued by the CFPB are available online at www.consumerfinance.gov.